Musawa signs MoU with Nigerian Economic Summit Group to boost creative economy

By Tosin Brown

The Minister for Art, Culture and Creative Economy, Hannatu Musawa has signed a Memorandum of Understanding (MoU) to forge a transformative partnership aimed at advancing Nigeria’s creative economy.

The MoU was signed with the Nigerian Economic Summit Group led by Dr. Tayo Aduloju, CEO of NESG, in what has been described as a landmark event on Monday.

The ceremony, held at the ministry of Arts, culture and creative economy headquarters and marked a significant milestone in the ongoing efforts to harness the potential of Nigeria’s rich cultural and creative sectors.

The MoU, it was gathered, sets the stage for comprehensive policy reforms and strategic initiatives designed to stimulate revenue generation, job creation, and sustainable growth within the creative industry.

Speaking on the move,  Musawa emphasized the importance of this partnership in her keynote address saying, “This collaboration with NESG represents a bold step forward in our mission to develop a robust governance structure for the art, culture, and creative industries,” said Minister Musawa. “Our joint efforts will focus on the creation and implementation of policy frameworks that promote cultural integration, preserve national values, and safeguard Nigeria’s rich cultural heritage.”

It was further gathered that the partnership will work towards the development of a comprehensive national policy on the creative economy. This policy will provide strategic direction, outline key objectives, and establish regulatory mechanisms to foster growth, innovation, and sustainability within the sector. An Inter-Ministerial Technical Working Group for the National Policy on Intellectual Property Rights has been inaugurated to focus on strengthening intellectual property rights, enhancing enforcement mechanisms, and protecting the creative assets and innovations of individuals and organizations.

At the event, it was also revealed that a National Policy on Incentives for the Creative Economy is underway, in collaboration with the Presidential Committee on Tax Reform and Fiscal Policy.

According a statement from the ministry, this policy aims to drive fiscal incentives, facilitate investment, and regulate key aspects of the creative economy such as market operations, business reforms, and intellectual property protection. FMACCE will also initiate advocacy for a tailored monetary policy framework for the creative economy, in partnership with the Federal Ministry of Finance, the Central Bank of Nigeria (CBN), the Bank of Industry (BOI), the Nigerian Export-Import Bank (NEXIM), and the Bankers Committee.

“The Ministry will engage and partner with sub-national governments to foster grassroots development and participation in the creative sector. In the coming weeks, FMACCE will convene an Interministerial Technical Session to sensitize Ministries, Departments, and Agencies about the mandate of the Ministry, seek their buy-in, and identify areas of convergence with their respective mandates,” a statement from the ministry read.

In his words, Dr. Aduloju, said, “We are excited about the possibilities this partnership holds for Nigeria’s creative economy,” said Dr. Aduloju. “Together, we will work to create an enabling environment for creative entrepreneurs and investors, ensuring compliance with established standards and best practices.”

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